Question - Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively. Determine their partnership in the year's net income of $350,000 under each of the following independent assumptions:
(a) no agreement concerning division of net income;
(b) divided in the ratio of original capital investment;
(c) interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3;
(d) salary allowances of $40,000 and $50,000, respectively, and the balance divided equally;
(e) allowance of interest at the rate of 5% on original investments, salary allowances of $40,000 and $50,000, respectively, and the remainder divided equally.